Omers Infrastructure Management is to acquire US outfit Leeward Renewable Energy from ArcLight Capital Partners for an undisclosed price.
Leeward has 19 operating wind projects across the US totalling 1.7GW.
The acquisition is expected to close in the third quarter of 2018 and is subject to “customary approvals”.
Omers Infrastructure Management manages assets on behalf of Omers, the pension plan for municipal employees in the province of Ontario, Canada.
Omers Private Markets global head of infrastructure Ralph Berg said: “On behalf of Omers Infrastructure, we are very pleased to announce our investment in Leeward, a high quality, core infrastructure business that we expect will generate stable and consistent returns for the Omers pension plan.”
Leeward chief executive Greg Wolf said: “Our team looks forward to continuing to operate our sizable portfolio safely, developing additional greenfield projects and executing on innovative re-powering initiatives to build Leeward into an industry leader for years to come.”
Wells Fargo Securities is financial advisor and Shearman & Sterling legal counsel for Omers Infrastructure.
BofA Merrill Lynch is financial advisor and Latham & Watkins legal advisor to Leeward.
Image: Free Images/Christian Wagner
Canadians make 1.7GW US move
By EBS